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GAUSS code for reproducing Empirical Applications of  

"Markov-Switching Models with Evolving Regime-Specific Parameters:
Are Post-War Booms or Recessions All Alike?"

Yunjogn Eo and Chang-Jin Kim, forthcoming, Review of Economics and Statistics.

This version: July 15, 2015
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# Note: 

(1) Download files in a desired folder.

(2) Run each model file.
 
(3) Output files will be created in each model folder. (e.g. output files for Model 1 will be stored in "m1" folder.

All the models are estimated with GAUSS10.


# GAUSS Files:

model files:
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m1.g                              : Model I   Hamilton model;
m2.g                              : Model II  Proposed model;
m3.g                              : Model III Hamilton model with a bounce-back effect;
m4.g                              : Model IV  Proposed model with a structural break in the long-run growth rate;
m5.g                              : Model V   Hamilton model with a structural break in the long-run growth rate;
m6.g                              : Model VI  Hamilton model with a bounce-back effect and a structural break in the long-run growth rate.


Data:
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realgdp11q3_recess.txt            : U.S. real GDP growth 1947Q1-2011Q3 and NBER recession dates


Source files:
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procedures.g                      : common procedures for model estimations 

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